Sonder skyrockets after licensing agreement with Marriott

Sonder Holdings

19/08/2024 14:57

(updates)
    ** Shares of Sonder Holdings  SOND.O  rise 71% to ~$4.4
    ** SOND, which provides apartment-style accommodations,
enters agreement with hotel operator Marriott  MAR.O 
    ** As per agreement, over 9,000 live SOND units are expected
to join Marriott portfolio by end of 2024
    ** About 1,500 additional units are anticipated to join
Marriott system at later dates
    ** Sonder's properties will be available for booking on
Marriott.com and Marriott Bonvoy mobile app 
    ** SOND says it enhanced its liquidity profile by
approximately $146 mln
        ** Co's existing noteholders have provided about $83 mln
in additional liquidity
  
        ** Consortium of investors has committed to purchase
about $43 mln of co's convertible preferred equity
  
        ** SOND received $20 mln from other sources of liquidity
  
    ** YTD, SOND shares down 22.7%

 (Reporting by Aishwarya Jain in Bengaluru)
 ((Aishwarya.Jain@thomsonreuters.com;))